Forex: GBP/USD dips below 1.6200 on weaker than expected retail sales

FXstreet.com (Barcelona) - Pound's recovery from Yesterday's low at 1.6125 has been capped at 1.6285 high on European session, and the pair's pullback has extended below 1.6200, to 1.6585 after a weaker than expected increase on UK retail sales.

Retail sales have increased 0.3% in the UK in December, and 2.1% compared to the same month last year, disappointing market expectations of a 1.3% monthly increase and a 3.2% year on year advance.